Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-03-12
sATURDAY.... MARCH 10, 1887.
That "Ofer."

when We Salu tnht the DOuuhOiuciS INV
submitted no proposition which the
State authorities could be expected to
entertain. II dismisses the subject in
the following curt paragraph, which we
might be excused for constituting as a
confession on the part Of our Peters
burg contemporary that he cannot
make good his point:
1.-THE Dispatch utterly refuses to
admit that the bondholders have made
any proposition TO settle the debt,
though the creditors expressed will
ingness 10 entertain reasonable CON-
promise. based upon the present tara
lion and the available revenue after
proyiding for the constitutional appro-
priation for government, schools, and
other public expenditures, is as plain
and unmistakable as the English Ian
guage can make it. The obstinate de-
Termination of our contemporary not
to see the import OF these words pre-
cludes the possibility of discussing the
point with him. Is there an intelligent
and honest businessman in the world
that would not understand this propo-
sition, il it were applied to his affairs,
or that would refuse to meet 1t by q
prompt exhibition OF his resources and
ability to pay?
The proposition is as "plain and I'M
mistakable as the English language can
make it,; but it is not business-like
proposition, nor one which the State
could be expected to entertain. How
much principal does it provide for? 1t
proyides for all that the bondhOlders
claim TO be due, or more than thirty
five millions of dollars Suppose the
State were unvise enough to accept the
so-called Golfer" what would be the
result? Why she would find herself
caught in the tolls -entrapped. The
money left to be divided amongst
the bondholGers might not be more
than enough to pay one or two
per cent per annum upon that SUN OF
thirty-five millions but that would
make no difference. The State would
have committed herself TO the payment
OF thirty-fve millions OF dollars OF
principal, and the bondholders would
laugh in their sleeves. They would
have gained perfect, complete, I'M
questionable victory over the State. Is
il not clear, then, that her authori-
ties would sacrifice all that she
has gained up to this time, and
bring ruin upon her, if they
should agree to such terms as those
contained in the "offer" championed
by our Petersburg contemporary ?
There is not in the Commonwealth
businessman worthy to be so styled
who would advise the State authorities
to accept such proposition as that.
A man might possibly be excused for
regarding that proposition as one wor-
thy of consideration so far as the rate
OF interest is concerned. We are not
sure that even that much ought to be
conceded. But certainly no business
man could be expected to agree to an
offer which would leave it III the power
of the creditors to claim thirty-fve
millions OF principal in lieu of the
twenty millions and upwards which
the RIDDLEBERoER bill provides for
paying
No. The bondholders must be more
liberal. They must state definitely the
minimum rate of interest and the mini
mum amount of principal they are
willing to take. Then We shall have
something to consider. They know
that the State authorities will be super
seeded by new ones If they make con-
tract which the voters are unwilling to
ratify. Would the bondholders he
willing TO let the Legislature submit
their so-called "offer" to the test of
the popular vote? II not, how can they
expect the State authorities to be will
ing for il to be submitted to the popu-
lar vote "over their shoulders, so to
speak
Surely our Petersburg contemporary
will give us credit for sincere desire
to have all debt questions settled.
Nobody is more anxious than We to
have done with them forever. But we
cannot attempt to make the bondhold-
ers believe that the people of Virginia
would accept such an "offer as the
one now under consideration. Never
theless, if they really believe that the
people would ratify their proposition,
let them ask for the submission of the
question Of its ratification to the voters.
The Legislature soon be in session.
Does anybody believe that the bond
holders will ask that ? Does our Pc.
tersburg contemporary
The Lynchburg AdUance is evidently
as much in the dark as we are, and does
not know that the bondholders have al
ready submitted proposition worthy
OF consideration. II says:
"If the bondholders have no terms
Oh compromise 10 make, then il is no
use to talk about compromise, and if
they have any terms they should frankly
submit them to the approaching extra
session Of the Legislature to beaccepted
or rejected. The debtor has already
submitted his ultimatum, but still a
compromise is very desirable and ne
ceasary, and 10 reach that with any sort
OF favorable result the bondholder
should make some proposition that viii
ut least somewhat accord with the terms
of the debtor. II this is done we have
no doubt Of an amicable and sstisfac-
tory adjustment Of the debt OF Virginia,
and we hope that the Hsmiltons and
Mr.. Royal will put their minds and Of.
forts in that direction 10 accomplish 50
desirable result
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bfR. RAsDALL.-.The Washington